This site uses cookies to offer you the best user experience. By continuing browsing this site you agree to the use of cookies. Alternatively you may change your browser settings. For further information, please read our Privacy Statement.

You are using an old version of your web browser. Please note that the website might not function correctly using an outdated browser. We recommend updating your browser or using another one. The content of the Annual Report is also available in PDF format.

The tables for the Financial Statements are also available in Excel format and the complete Financial Statements in Pdf format.

14 Financial assets

Group's financial assets comprise investments in derivatives, financial assets designated as at fair value through p/l, loans and receivables, available-for-sale financial assets and investments in subsidiaries. The Holding segment includes also investments in subsidiaries.

The Group uses derivative instruments for trading and for hedging purposes. The derivatives used are foreign exchange, interest rate and equity derivatives. Fair value hedging has been applied during the financial year in Mandatum.

EURm

2017

2016

If

Derivative financial instruments

25

14

Loans and receivables

83

84

Financial assets available-for-sale

11,109

11,569

If, total

11,217

11,667

Topdanmark

Derivative financial instruments

16

-

Assets held for trading

5,692

Loans and receivables

458

-

Topdanmark, total

6,166

-

Mandatum

Derivative financial instruments

31

13

Financial assets designated as at fair value through p/l

-

24

Loans and receivables

0

20

Financial assets available-for-sale

5,144

5,612

Total

5,176

5,670

Assets held for sale

-198

-210

Mandatum, total

4,977

5,459

Holding

Derivative financial instruments

13

18

Loans and receivables

0

0

Financial assets available-for-sale

729

814

Investments in subsidiaries

3,767

2,370

Holding, total

4,510

3,201

Elimination items between segments

-4,038

-2,659

Group financial assets, total

22,832

17,668

Derivative financial instruments

2017

2016

Contract/

Fair value

Contract/

Fair value

EURm

notional amount

Assets

Liabilities

notional amount

Assets

Liabilities

Derivatives held for trading

Interest rate derivatives

OTC derivatives

Intrerest rate swaps

2,836

6

77

735

12

4

Foreign exchange derivatives

OTC derivatives

Currency forwards

11,131

74

18

5,317

27

75

Currency options, bought and sold

188

2

1

92

0

0

Total foreign exchange derivatives

11,319

76

18

5,409

27

75

Equity derivatives

OTC derivatives

Equity and equity index options

0

0

0

9

3

3

Equity futures

44

0

0

-

-

-

Total equity derivatives

44

0

0

9

3

3

Total derivatives held for trading

14,199

82

96

6,153

43

81

Derivatives held for hedging

Fair value hedges

Currency forwards

364

3

0

534

2

0

Total derivatives held for hedging

364

3

0

534

2

0

Group financial derivatives, total

14,563

85

96

6,687

45

81

Fair value hedges

Fair value hedging is used to hedge a proportion of foreign exchange and interest risk in available-for-sale financial assets. The interest elements of forward contracts have been excluded from hedging relationships in foreign exchange hedges. Net result from exchange derivatives designated as fair value hedges amounted to EURm -63 (19). Net result from hedged risks in fair value hedges of available for sale financial assets amounted to EURm 63 (-19).